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City Council aims to tighten up rules on cash advance companies

Saturday, October 17th, 2020

City Council aims to tighten up rules on cash advance companies

Olivia DeSmit

The available indication above the leading home of look at Cash, an online payday loan company, is illuminated along Providence Road on April 29 in Columbia.

COLUMBIA ??” The city’s appropriate team will draft a bill calling for more substantial regulations on cash advance organizations.

Pay day loan organizations offer tiny loans, frequently not as much as $1,000, that borrowers often vow to pay for along with their next paychecks. The loans are really easy to submit an application for since they need no credit rating and demand that is usually only as a type of ID, a bank account and evidence of income. Payday advances are predominantly applied for by low-income residents.

“They fill a need that’s not currently met,” Mayor Brian Treece stated, noting that the loans may be very important to residents residing paycheck to paycheck to simply help protect unanticipated expenses such as for instance automobile repairs or an ac unit heading out.

Nevertheless, Treece and his other council users think more laws certainly are a idea that is good.

Kacy Hall, a city management fellow, provided information through the City Council work session evening on short-term loan companies and what St. Louis and Kansas City are doing to regulate them monday.

Pay day loan companies cluster into the low-income components of the town, where income is generally not as much as $35,000, and their real percentage that is annual prices normal 462 %. (more…)


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